The Gross Domestic Product (GDP) could fall 10% by 2050 if global cooperation collapses and is replaced by free trade agreements, the World Trade Organization (WTO) warned today.
The organization warned that the replacement of multilateralism by protectionist policies could have serious economic consequences for global trade in the coming decades.
The warning comes at a time of growing trade tensions between major economies and growing interest in bilateral agreements at the expense of multilateral systems.
The WTO emphasized the importance of international cooperation to maintain global economic growth and warned that abandoning multilateral principles could represent a significant setback for the world economy.
